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Hello, yet another "lurker" has registered on this great forum. Now I can be upgraded to "newbie" status! :D Anyway, I've done lots of research on this forum and would like some opinions here...

1.) First and foremost, what would you recommend for gaining 35 FICO points ASAP? I'm 35 points away from the mortgage that I want, and I need the points as quickly as possible. (Currently 545 middle score (mortgage) and need a 580 within 6 weeks MAX.

2.) I wrecked my credit, and tried to rebuild prior to becoming more credit educated. I paid multiple CC charge-offs, and now want them off of my CR. Is it typically a successful move to dispute old (2-4 years) CO's that have been paid?

3.) Last but not least, I would like to ask those that have successfully deleted unpaid collections that were within the last two years, how many points their score increased. I plan on settling for deletions on all of them, and am hoping for a decent increase.

Thanks in advance for your insight!

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try going to : http://www.myfico.com

there is educational info there on how to raise your score.

if you have cc's that are maxed out: paying them down to less than 30% of your credit limit can give your score a boost. however, you will have to wait till the cc companies report, which in some cases is every other month.

if you have anything listed as a past due account and have the means, bringing the account(s) current can give your score a boost. again, you will have to wait for the tl reporter to report this change.

if you cannot bring the account(s) current and they are being reported by a ca, then send a validation letter (sample at top of page) cmrr. if they report properly, they will have to put "customer disputes this account" on your cr. accounts marked like this supposedly do not figure in to your score.

i'm no expert..just my personal experiences.

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Jeez! That's like the 3rd post I've read in 5 minutes from someone who wants their credit repaired in a few weeks. Dude! How long has it been bad? How long did it take to get that way? I know I spent the last 18 years screwing up mine.. You can bet your sweet a$$ it won't take but 9 months to a couple years to fix, but gee whiz.. Each time you DV you wait a month. Then you probably hav to MOV the CRA... time,time,time

Best case scenario you offer PFD and they bite. MAYBE then 6 weeks but thats a best case scenario (unlikely) Good chance even in PFD you have to send CRA copy of letter CA/OC signed and ride their a$$ to delete off CR. More time...

It took me like 3 weeks to to get rejected for the Anne Gelder card in order to get the secured card offer. (thank Gawd they didn't approve me or I'd be stuck with one of those ugly baby cards) I spent a about 2 weeks shopping local credit unions pricing secured loans. (uuughh chexsystems) Then I opened an ING Orange account to stick the secured loan funds into so it earns 3% (to offset the secured loan interest I pay is 4%), Then of course I forgot my ING pin number, and had to wait a week and a half for them to mail it to me!! 6 weeks?!! Buddy I don't think so.

I wonder if maybe you shouldn't just forget this whole credit repair thing and go shopping instead?

Use the plastic.

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MMMph..

Maybe too harsh?

Just a bit. :wink: Especially the part about why doesn't s/he just go shopping. Sounds like they've been doing their homework by reading the site before posting so give 'em a break.
1.) First and foremost, what would you recommend for gaining 35 FICO points ASAP? I'm 35 points away from the mortgage that I want, and I need the points as quickly as possible.

There is something used in the mortgage biz called "rapid rescoring." It doesn't remove legitimate negative information, but it does direct you as to how to legitimately raise your score. There is a fee for it and only a loan officer can request it. If you're only talking 35 points I think you'd have good success with rapid rescoring.
Is it typically a successful move to dispute old (2-4 years) CO's that have been paid?
I've had mixed results. I still have two OC paid chargeoff TLs that I have not been able to budge since April 2003. I haven't given up. I continue to make a pest of myself with CRA disputes and goodwill letters to the OCs.
Last but not least, I would like to ask those that have successfully deleted unpaid collections that were within the last two years, how many points their score increased. I plan on settling for deletions on all of them, and am hoping for a decent increase.
It goes without saying that these should be high on your to-do list as most mortgage lenders will require that these be paid before approving your loan. All my collections are paid and so I'll have to defer to someone else on this.
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I dont wanna hurt your feelings about having tradelines removed. But I wouldn't expect your score to increase, if it does not by much. I had 1 deletion and my score plummited, from 562 down to 413. 2 weeks later it was up to 512 then it went to 531 on 05/07. On 05/28 it was up to 596. The very next day another deletion dropped it to 516. Today I am at 562.

I just dont want to get your hopes to high, when deleting info.

Some of my TL's were 3-4 years old, from Collection Agencies.

*Im just waiting to get off this roller coaster ride!*

<I would like to see a mortgage in the near future!>

Best of luck

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wdspeedbump, thanx for that info. I had actually spent quite a good deal of time there already, and had found the FTC Fair Isaac presentation interesting as well.

breathingeasier, thanx for the real world info. I am aware of the rapid rescoring, and will be doing so as I take care of a few things. The mortgage broker believes as you believe that I can get the 35 points fairly quickly in this manner. Believe it or not, they say I have more than enough positive tradelines, so they aren't concerned about clearing every single one. 35 points is all they want...

scriptgurl, thanx as well for the real world info. I'll just have to see what happens when I do so. Unfortunately, I have about 5 negatives in the form of insurance co-pays of $10 which I'm trying to remove first. Of course, these were placed by CA's, not the institutions.

BJ, nowhere did I say I wanted a quick fix to my entire profile. What I DID say is that I need a meager 35 points for my immediate loan. I've seen posts on here where people had score swings that large without any changes or explanation, so it's not out of the question. That's the short term goal. I also have mid-term goals (9-12 months from now) and long term (24+ months) in which I'll complete my credit goals. Please leave the "virtual courage" on someone else's post...

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Paying down any revolving debt (credit cards) that is in the 75-100% range to below 30% will give you about a 50 point bump in 30 days.

I noted you mentioned unpaid collections. That is bad for mortgage processing. Really bad. Simply trying to get them off your report isn't going to work. Some will be removed, others may be more stubborn. If you have even one unpaid collection on your report on the day you show up to sign the mortgage paperwork, the lender will not accept your mortgage. Period. The reason is that unpaid liabilities can become a lien against the property, and that affects their interests. They just won't do it.

Now that said, there are some ways to deal with it that are effective, if not exactly in your wallet's favor. You can have any loan proceeds at the mortgage closing that would be payable to you used to pay off the collections. The collections must be paid in full this way.

Or you can try to negotiate a lower payment before you get to the mortgage closing. DO NOT LET ANY COLLECTOR KNOW YOU ARE TRYING TO BUY A HOUSE. I cannot emphasize this strongly enough. If they know you're trying to buy a house, they have leverage over you to pay more than they would agree to under other circumstances.

Lastly, you can try paying the original creditor and get them to agree to recall the collection in exchange for full payment. This doesn't always work, but most OCs would prefer to keep all the $$ rather than split it with a collection agency. The benefit here is once you have a letter of recall from the OC, the collector has no legal basis to list on your credit report and they have to remove it.

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Now that said, there are some ways to deal with it that are effective, if not exactly in your wallet's favor. You can have any loan proceeds at the mortgage closing that would be payable to you used to pay off the collections. The collections must be paid in full this way.

If you are required to pay ANY collection accounts at a closing - make certain you follow up and get copies of the cancelled checks from the title company or who ever issues the payments! This is hugely important. We paid Cap1 years ago this way - the lender issued the checks on our behalf - then the mortgage was sold and we were unable to get documentation of payments after several years had gone by.

Last time, we had to pay five accounts and I got copies of the cancelled checks from the the title company within weeks of our closing.

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I use Rapid ReScoring quite frequently to bump scores for clients. It is very effective, but is not standard dispute procedure. Rapid ReScore can only be requested when the consumer can provide SOLID documentation of an error on their credit report. This is not the way to claim fraud, insurance should have paid, disagree with interest charges, or inaccurate details in the TL. You gotta have something in writing showing that there is an error and the TL should be fixed. The documentation has to clearly tie the error to the TL and BE VERY OBVIOUS.

I am fortunate in that my credit vendor will fax the docs to the bureaus first, to see if they will "fly" before she charges me. If the bureaus won't take the docs I send over, I don't incur charges.

That's the second point about RR. It is very costly. $25 per item, per bureau, puls the cost of a new CR (not to mention a new inquiry and the points that costs). This is for an individual account. On joint account, add $10 per item.

Individual account, all 3 bureaus $75 + cost of new report

Joint account, all 3 $105 + cost of new report

These are the costs to the broker. Your particular broker may charge you a service fee on top of their costs. Time service may vary from vendor to vendor. I can get RR in 3-5 business days.

So, RR is not the be-all-end-all. It is good for certain situations.

My recommendations echo some of the others. Pay down revolving accounts to betwwen 1% - 9% of the highest credit shown on your reports. This is the most sure-fire way to add points for a major purchase. Don't pay anyderogs off before you close. Make your lender force you to pay them at closing. Paying them off (if they get updated) may tank your score at the time when you can least afford it. After your loan closes, you have minimum 2 - 3 years to work on your credit, disputing, negotiating, settling and PFDing, then you can refinance.

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